Bitcoin made a strong move, climbing close to the $119,000 mark and showing consistent strength throughout the day.
Behind the scenes, the fundamentals aren’t looking weak either. Spot Bitcoin ETFs saw a net inflow of around $253 million this week, even as the broader macro landscape grapples with inflation pressures tied to rate cuts and tariff dynamics.
From a technical perspective, there’s a notable cluster of short positions sitting just above $120,000. If price action breaks through that level, it could trigger a wave of forced buying (liquidations), potentially driving the market even higher.
Here’s my current take: if we see sustained volume into the night, the rally could maintain momentum. But if the price spikes on low volume and then starts to pull back, it’s important to watch how the market reacts at those high levels—especially in terms of follow-through. Pay attention to exchange inflows and the basis between spot and futures prices. Don’t get caught off guard.
Data sources: ETF fund flows, liquidation heatmap snapshot.